UK based convenience foods group Uniq says that it has terminated discussions with a possible bidder for the company.
On 11 February 2005, the company announced that discussions were continuing with one of the parties from which it had received an unsolicited approach in relation to a possible offer for the company and that discussions with all other parties had terminated, it said. The company has now terminated discussions with the remaining party.
The company has concluded that the latest proposal from the remaining party did not provide an acceptable basis for the company and the pension trustee to continue discussions. This outcome was materially affected by the leveraged nature of the potential bidder’s proposed capital structure and its impact on the pension position.